CAJ | 학술논문

由于寿险资金对安全性、收益性、流动性要求都高,因此资本市场变化周期会对寿险投资策略产生重要影响。在分析寿险的特点的基础上,对我国A股股市1-20年的投资回报进行了计算并发现,我国A股股市整体上1-20年取得了12%-19%的累计平均投资回报率,该回报率远高于成熟资本市场。本文还对我国长周期和短周期的资本市场的变化周期进行了分析和计算,结果表明,若能恰当利用我国A股市场的资本市场变化周期进行投资,可取得远高于长期投资的投资回报率。本文还给出了我国A股股市市盈率和市净率的变化特征和变化规律,并提出了我国寿险投资的策略和方法。最后,本文还给出了若干保险资金投资股票的监管建议。
유우수험자금대안전성、수익성、류동성요구도고,인차자본시장변화주기회대수험투자책략산생중요영향。재분석수험적특점적기출상,대아국A고고시1-20년적투자회보진행료계산병발현,아국A고고시정체상1-20년취득료12%-19%적루계평균투자회보솔,해회보솔원고우성숙자본시장。본문환대아국장주기화단주기적자본시장적변화주기진행료분석화계산,결과표명,약능흡당이용아국A고시장적자본시장변화주기진행투자,가취득원고우장기투자적투자회보솔。본문환급출료아국A고고시시영솔화시정솔적변화특정화변화규률,병제출료아국수험투자적책략화방법。최후,본문환급출료약간보험자금투자고표적감관건의。
The change circles of capital market of China will affect the investment strategy of life insurance greatly since life insurance capital depends largely on its safety,Profitability and liquidity. Based on the character- istic of life insurance,this paper calculates the cumulated investment returns of the stock market of China over 1-20 years and finds that: The A share market gets cumulated investment returns of 12%-19% over 1-20 years, which is larger than the mature stock markets. This paper also analyzes the short and long term change circles of the capital market of China and finds that we would get much more investment returns if we could correctly use the change circles of the A share stock market of China. This paper also gives out the characteristic of price to earnings per share ratios and price to book ratios of A share market and the investment strategy of life insurance. In the end, this paper gives out several suggestions about monitoring the funds of insurance at investing the capital markets.